IKEA reports $2.87 billion sales, prioritizes affordability

IKEA Canada reported $2.87 billion in sales for fiscal year 2024, reflecting a slight dip of 1.4% from the previous year. Despite economic challenges, IKEA prioritized affordability, lowering prices on over 1,500 items, including the popular STRANDMON Armchair and BILLY Bookcase. This move aims to support Canadians, 45% of whom cite financial concerns, according to IKEA’s Life at Home report.

The retailer also introduced 50% off restaurant dishes on Thursdays and achieved $137 million in food sales, up 11.3%. Additionally, IKEA invested in automation and infrastructure improvements to enhance operational efficiency, particularly in the Greater Toronto Area.

“During challenging times, we remain focused on lowering prices and siding with Canadians when they need us most,” said CEO Selwyn Crittendon.